Title of Item:
FIRE TRUCK LOAN AGREEMENT (RC):
RESOLUTION No. 36-2021; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA SUPPLEMENTING RESOLUTION NO. 22-2014, AS AMENDED, AUTHORIZING THE ISSUANCE OF THE FIRE PROTECTION ASSESSMENT REVENUE NOTE, SERIES 2021 OF THE CITY IN THE PRINCIPAL AMOUNT $622,000 TO FINANCE THE ACQUISITION OF A FIRE TRUCK; MAKING SUCH DETERMINATIONS AS ARE REQUIRED TO AFFORD SUCH SERIES 2021 NOTE "BANK QUALIFIED" STATUS; PROVIDING DETAILS OF THE SERIES 2021 NOTE; PROVIDING FOR APPLICATION OF THE PROCEEDS OF THE SERIES 2021 NOTE; AWARDING THE SALE OF THE SERIES 2021 NOTE TO SEACOAST NATIONAL BANK; APPOINTING A REGISTRAR AND PAYING AGENT; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; PROVIDING FOR THE SEVERABILITY OF PARTS HEREOF IF DECLARED INVALID; AND PROVIDING AN EFFECTIVE DATE.
Summary Explanation/Background Information on Agenda Request:
This is a negotiated loan to the reimburse the purchase of an Fire Truck Apparatus, originally identified in the 2020 budget as funded by loan proceeds. However, due to COVID, the delivery of the equipment was delayed until this fiscal year. The appropriation was rolled over from the 2020 budget to the 2021 budget in the Fire Rescue Department.
The Fire Assessment revenues are pledged for the debt repayment.
Funding Source:
Debt Proceeds
Recommended Action:
Motion to approve Res. 36-2021. |